ConocoPhillips sells UK North Sea assets for $2.68B

No. 47: ConocoPhillips
Previous Rank: 45
Headquarters: Houston, Texas
[Photo: A platform works on ConocoPhillips' Jasmine Field project in the North Sea.]

No. 47: ConocoPhillips
Previous Rank: 45
Headquarters: Houston, Texas
[Photo: A platform works on ConocoPhillips' Jasmine Field project in the North Sea.]

Photo: GARTH HANNUM, ConocoPhillips

Photo: GARTH HANNUM, ConocoPhillips

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No. 47: ConocoPhillips
Previous Rank: 45
Headquarters: Houston, Texas
[Photo: A platform works on ConocoPhillips' Jasmine Field project in the North Sea.]

No. 47: ConocoPhillips
Previous Rank: 45
Headquarters: Houston, Texas
[Photo: A platform works on ConocoPhillips' Jasmine Field project in the North Sea.]

Photo: GARTH HANNUM, ConocoPhillips

ConocoPhillips sells UK North Sea assets for $2.68B

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ConocoPhillips said Thursday it will sell its United Kingdom-based North Sea assets for $2.68 billion as the Houston producer focuses more on North America and global liquefied natural gas projects.

The sale, which was rumored, will transfer most of ConocoPhillips's North Sea assets to London-based Chrysaor, a private-equity backed firm that has become a major player in the North Sea in recent years.

"We are extremely proud of the legacy we've built in the U.K. over the last 50 years and are pleased that Chrysaor recognizes the value of this business," said ConocoPhillips Chief Executive Ryan Lance. "This disposition is part of our ongoing effort to hone our portfolio and focus our investments."